US stock futures were mixed after Google-parent Alphabet (GOOG) and Tesla (TSLA) reported earnings.
Futures attached to the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%, while futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.3%. Futures attached to the benchmark S&P 500 (ES=F) wavered around flatline.
Google beat Wall Street's second-quarter earnings expectations and doubled down on its AI spending spree. Its stock rose in after-hours trading.
Tesla, meanwhile, missed on earnings. Warnings from CEO Elon Musk and CFO Vaibhav Taneja about the projected impacts from President Trump's tax and spending package sent its stock tumbling.
The end of the EV tax credit in particular, Musk warned in the earnings call, could result in “a few rough quarters.”
In other corporate results, Chipotle (CMG) saw its stock plunge after reporting its second straight sales decline. Though IBM (IBM) beat Wall Street expectations on profit, its software sales disappointed, resulting in its stock falling too.
In Washington D.C. on Wednesday evening, Trump said at an AI summit that US trading partners will see tariff rates ranging from 15% to 50%. Previously, the president had suggested that tariff rates would settle lower, around 10% to 15%. His comments come amid reports the US and European Union are nearing a trade deal ahead of his Aug. 1 deadline.
Read more: The latest on Trump's tariffs
Stocks rose during the day Wednesday, sending the S&P 500 and Nasdaq to new records, as progress with the EU and a Japan trade pact boosted hopes of easing the impact of Trump's tariffs.
Earnings season continues on Thursday with Intel (INTC) and American Airlines (AAL) set to issue their results.
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Stock market coverage for July 24, 2025.
